Common use of Recordation of Assignments of Mortgages Clause in Contracts

Recordation of Assignments of Mortgages. (i) The Seller shall, promptly after the Closing Date, cause each Mortgage and each assignment of Mortgage from the Seller to the Trustee, and all unrecorded intervening assignments, if any, delivered on or prior to the Closing Date, to be recorded in the recording offices in the jurisdictions where the related Mortgaged Properties are located; provided, however, the Seller need not cause to be recorded any assignment which relates to a Mortgage Loan if (a) such recordation is not required by the rating agencies rating the certificates issued under the Pooling and Servicing Agreement or an Opinion of Counsel has been provided to the Purchaser, the Trustee, and the Custodian which states that the recordation of such assignment is not necessary to protect the interest of the Purchaser or its assignee in the related Mortgage Loan or (b) MERS is identified on the Mortgage or a properly recorded assignment of the Mortgage as the mortgagee of record; provided, however, notwithstanding the delivery of any Opinion of Counsel, any assignment of Mortgage that has not been recorded pursuant to clause (a) shall be submitted for recording by the Seller in the manner described above, at the Seller's expense, upon 60 days' written notice to the Seller from the Purchaser or its assignee. (ii) While each such Mortgage or assignment is being recorded, if necessary, the Seller shall leave or cause to be left with the Custodian a certified copy of such Mortgage or assignment. In the event that, within 180 days of the Closing Date, the Purchaser, the Trustee, and the Custodian have not been provided an Opinion of Counsel as described in subsection (i) or received evidence of recording with respect to each Mortgage Loan pursuant to the terms hereof, the failure to provide evidence of recording or such Opinion of Counsel (in the alternative, if required) shall be considered a Material Defect, and the provisions of Section 5 shall apply. All customary recording fees and reasonable expenses relating to the recordation of the assignments of mortgage to the Trustee or the Opinion of Counsel, as the case may be, shall be borne by the Seller.

Recordation of Assignments of Mortgages. (i) The Seller shall, promptly after the Closing Date, cause each Mortgage and each assignment of Mortgage from the Seller to the Trustee, and all unrecorded intervening assignments, if any, delivered on or prior to the Closing Date, to be recorded in the recording offices in the jurisdictions where the related Mortgaged Properties are located; provided, however, the Seller need not cause to be recorded any assignment which relates to a Mortgage Loan if (a) such recordation is not required by the rating agencies rating the certificates issued under the Pooling and Servicing Agreement or an Opinion of Counsel has been provided to the Purchaser, the Trustee, and the Custodian which states that the recordation of such assignment is not necessary to protect the interest of the Purchaser or its assignee in the related Mortgage Loan or (b) MERS is identified on the Mortgage or a properly recorded assignment of the Mortgage as the mortgagee of record; provided, however, notwithstanding the delivery of any Opinion of Counsel, any assignment of Mortgage that has not been recorded pursuant to clause (a) shall be submitted for recording by the Seller in the manner described above, at the Seller's ’s expense, upon 60 days' ’ written notice to the Seller from the Purchaser or its assignee. (ii) While each such Mortgage or assignment is being recorded, if necessary, the Seller shall leave or cause to be left with the Custodian a certified copy of such Mortgage or assignment. In the event that, within 180 days of the Closing Date, the Purchaser, the Trustee, and the Custodian have not been provided an Opinion of Counsel as described in subsection (i) or received evidence of recording with respect to each Mortgage Loan pursuant to the terms hereof, the failure to provide evidence of recording or such Opinion of Counsel (in the alternative, if required) shall be considered a Material Defect, and the provisions of Section 5 shall apply. All customary recording fees and reasonable expenses relating to the recordation of the assignments of mortgage to the Trustee or the Opinion of Counsel, as the case may be, shall be borne by the Seller.